Csquare Inc. (CSQR Proposed), the owner and operator of data centers in 21 major metro markets in the U.S., Canada and the U.K., disclosed the terms for its $1.25 billion IPO early today (Monday, July 6, 2026). The company, based in the North Dallas suburb of Coppell, Texas, is offering 50 million shares at a price range of $23.00 to $27.00 to raise $1.25 billion, if priced at the $25.00 mid-point of its range, according to its S-1/A filing dated July 6, 2026.
At pricing, Csquare would have a market cap of $3.87 billion, if priced at the $25.00 mid-point.
Morgan Stanley and TD Securities are leading the joint book-runners’ team, which includes Wells Fargo Securities, BofA Securities, BMO Capital Markets and Scotiabank.
Csquare’s IPO is expected to price next week – on Wednesday night, July 15, 2026, to trade Thursday, July 16, on the New York Stock Exchange.
The IPO’s proceeds will be used to repay $1.17 billion in debt, the prospectus said.
In the prospectus, Csquare said it delivers “mission-critical infrastructure to a diversified customer base of more than 1,700 enterprise, network, cloud, and technology customers.”
More from the prospectus: “As of March 31, 2026, our platform is comprised of 64 sites across 21 major metropolitan markets, delivering approximately 389 megawatts (“MW”) of Sellable Power Capacity and more than 36,600 interconnection products.”
The company said that with its presence “in strategic locations, over 92 percent of the U.S. population is within two milliseconds of latency from one of our data centers,” according to the prospectus. (Note: Latency is the elapsed time between the initiation of a data transmission and the moment that data is received and becomes usable at its destination, according to Vividcomm.)
Csquare is not profitable: Net loss of $150.94 million on revenue of about $1.02 billion for the 12 months that ended March 31, 2026, according to the prospectus.
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